Manatee property values rebound on Longboat after mistake in 2025

With preliminary property evaluations now shared by the Sarasota and Manatee county property appraisers, the town of Longboat Key is paying close attention to how values have changed year over year as it works to finalize its 2027 fiscal year budget.

State law requires that property appraisers share preliminary property evaluations with local governments by June 1 each year. 

Manatee County Property Appraiser Charles Hackney’s office shared in a letter to all taxing authorities the total assessed value for each jurisdiction. For Longboat Key, the total assessed value was about $2.96 billion, which is up from $2.63 billion last year. Sarasota County Property Appraiser Bill Furst’s office assessed Longboat properties at $6.98 billion, a 1.1% drop from last year's $7.06 billion.

It's the first time values on the Sarasota County of the island have dropped since 2020.

Longboat Key represents $9.94 billion worth of property in the two counties, 2.58% more than in 2025.

Town Manager Howard Tipton said the preliminary values released are usually close to the certified tax roll values that are finalized in October.

“You can base a lot of your budget work on the preliminary values,” Town Manager Howard Tipton said. “I thought the market out here was a little stronger than what the numbers seem to indicate, especially on the Sarasota side. I thought the market was a little bit better.”

That 1.1% drop in Sarasota County values still outperforms countywide figures. According to the Realtor Association of Sarasota-Manatee, the median sales price of a single-family home in Sarasota County decreased 6% in 2025, and the median sales price of a condo decreased 15.3%. 

In the current fiscal year, which runs through September, the town’s budget was formed with property values about 10% lower on the Manatee County half of the island compared with the previous year. That led to a budget Tipton described as “storm-weary,” with some requested staff additions denied and funds instead used to replenish depleted reserve funds.

The magnifying glass is on Manatee County values this year more than ever because several first-floor condo units were misvalued, costing the town at least $500,000 in general fund revenue, in the current fiscal year. Several first-floor, Gulf-facing condo units had drastically reduced appraisal values based on assumed flooding damage after the 2024 hurricanes, but the units were raised and did not experience flooding. Hackney’s office admitted the mistake in a letter to the town.

Preliminary valuations released this month are not broken down property by property, but the countywide valuation suggests values have returned to pre-storm levels. The town’s finance department is waiting for values from individual properties to be released to ensure first-floor condo valuations have been corrected.